{"id":148693,"date":"2021-05-27T22:24:00","date_gmt":"2021-05-28T02:24:00","guid":{"rendered":"https:\/\/mp-2702.milesopedia.dev\/news\/7-myths-credit-cards\/"},"modified":"2026-05-08T15:52:47","modified_gmt":"2026-05-08T15:52:47","slug":"7-myths-credit-cards","status":"publish","type":"post","link":"https:\/\/mp-2702.milesopedia.dev\/en\/guide\/7-myths-credit-cards\/","title":{"rendered":"7 Myths About Credit Cards"},"content":{"rendered":"\n

Discussions about the truths and myths surrounding credit cards can sometimes get heated on social media and on the Milesopedia Facebook group<\/a>.<\/p>\n\n\n\n

Mostly to warn against the dangers of over-consumption and debt that threaten their users. Did you know that over 70% of Canadians pay their credit card balances in full each month?<\/strong><\/p>\n\n\n\n

What if the world of credit cards<\/a> wasn’t just about stories that end badly? What if there were benefits to expanding our financial literacy, while simultaneously debunking the myths associated with the world of credit cards? Let’s go assess our knowledge.<\/p>\n\n\n\n

Warning: this story may have a happy ending.<\/p>\n\n\n\n

Myth 1: Credit card payments put us at risk of fraud<\/h2>\n\n\n\n\n\n

It is true that fraudsters and banking institutions are engaged in a trench war concerning transactions via chip cards, magnetic stripe cards, and online orders. These require our security code and make us particularly vulnerable.<\/p>\n\n\n\n

But the advantage of a credit card is that we can regularly track transactions in our online account<\/strong> and notify our bank as soon as we don’t recognize an expense.<\/p>\n\n\n\n

And even if we do not usually check our account before the monthly statement is issued, the bank itself could detect the appearance of a fraudulent transaction and contact us.<\/p>\n\n\n\n

The financial institution then cancels the card before issuing a new one, and does not charge us for the fraudulent transaction.<\/p>\n\n\n\n

In all cases, we are not held responsible for fraud for transactions that are not ours!<\/strong><\/p>\n\n\n\n

\"7<\/figure>\n\n\n\n

Myth 2: Credit cards encourage impulsive and irresponsible purchases<\/h2>\n\n\n\n

Do credit cards have this power over humans? If we are impulsive and irresponsible by nature, it is indeed better to work on these behaviors before applying for credit cards.<\/p>\n\n\n\n

Moreover, this extends to all spheres of our lives, not only to our relationship with money. Obtaining credit cards offers us the opportunity to:<\/strong><\/p>\n\n\n\n